Housing, transportation costs rose almost twice as fast as income in the last decade

New York /
Oct.October 18, 2012 11:00 AM

No wonder so many New Yorkers complain about housing and transportation costs. Crain’s reported that between 2000 and 2010 in the New York area, both housing and transportation costs grew almost twice as fast as the income for median-income households, citing a study by the Center Housing Policy that surveyed the 25 largest cities in America.

In the New York area, costs for housing and transportation increased 55 percent during that decade while income posted a 31 percent growth and 56 percent of household income went into these two expenditures. Between the two, housing showed a greater burden of 34 percent.

And split in between renters and owners, homeowners spent 61 percent of their income on housing and transportation costs, whereas renters spent 52 percent.

On average, housing and transportation expenses rose 44 percent across the 25 cities and incomes rose 25 percent, according to the study.

However, there are silver linings: Household incomes rose faster than in other metro areas surveyed, and the average monthly transportation costs were cheaper in New York than in the rest of the cities. [Crain’s]

 

Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Photo illustration of Ribbon Home CEO Shaival Shah and Orchard Technologies CEO Court Cunningham carrying homes
Power buyers saddled with homes
Power buyers saddled with homes
Greek Development's David Greek with 500 NJ-208 (Greek Development, Google Maps)
Bittersweet: Nabisco factory to become warehouse
Bittersweet: Nabisco factory to become warehouse
Amazon's Andy Jassy and Jeff Bezos with an Amazon warehouse
Amazon slams brakes on warehouse leasing in pivot to ownership
Amazon slams brakes on warehouse leasing in pivot to ownership
Bed Bath & Beyond CEO Sue Gove with  460 Third Avenue and 1932 Broadway in Manhattan (Google Maps, Getty, Bed Bath & Beyond)
Say goodnight to these Bed Bath & Beyond stores
Say goodnight to these Bed Bath & Beyond stores
Uri Mermelstein and 151-11 Sixth Road in Queens (Getty, LoopNet, Google Maps)
Mermelstein scores Queens dev site and art gallery buys in Chelsea
Mermelstein scores Queens dev site and art gallery buys in Chelsea
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...